Northern Trust wins custody mandate With Australia's Future Fund
10 May 2007 | 1233 views | 0
Source: Northern Trust
Northern Trust has been selected by the Future Fund Board of Guardians to provide global custody and related services to the Future Fund, which currently has approximately AUD$51 billion (US$42 billion) in assets. The mandate is the largest ever custody mandate to be awarded by an Australian institution.
The Future Fund was created in 2006 by the Australian Government with the defined purpose of accumulating sufficient financial assets to offset the Government's unfunded superannuation liability, which is expected to grow to over AUD$140 billion by 2020.
Gordon McKellar, Head of Operations for the Future Fund said: "Throughout the selection process we focused on the ability of the custodian to deliver global best practice and innovative solutions with minimal risk to the Fund; the organisational alignment of the custodian from a business strategy and people perspective; and a quantitative assessment of the capabilities and services offered. Northern Trust showed it was able to meet the full range of our requirements."
Tim Theriault, President of Corporate and Institutional Services at Northern Trust, said: "Our unique combination of service capabilities encompassing a broad range of traditional and alternative asset classes, together with our single, global technology platform and the expertise of our people, were, once again, winning ingredients. Furthermore, there is good cultural alignment between Northern Trust and Future Fund, which is crucial when the safekeeping of assets is concerned. We look forward to developing a long-standing relationship with Future Fund and supporting their needs as they develop and change over time."
Mr. Theriault added: "Expanding our reach in Australia's complex and sophisticated institutional market is a key part of our overall strategy to continue to grow our business in the Asia-Pacific region."